Connect public, paid and private patent data with Google Patents Public Datasets

Automated exchange system for trading orders having a hidden volume

Download PDF

Info

Publication number
US20030033235A1
US20030033235A1 US09827314 US82731401A US20030033235A1 US 20030033235 A1 US20030033235 A1 US 20030033235A1 US 09827314 US09827314 US 09827314 US 82731401 A US82731401 A US 82731401A US 20030033235 A1 US20030033235 A1 US 20030033235A1
Authority
US
Grant status
Application
Patent type
Prior art keywords
order
volume
exchange
automated
hidden
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Granted
Application number
US09827314
Other versions
US6983260B2 (en )
Inventor
Henrik Hummelgren
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Nasdaq Technology AB
Original Assignee
OM Tech AB
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date

Links

Images

Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

In an automated exchange system having means for trading an order having a hidden volume, means are provided for receiving an order having a number of parameters associated therewith. The automated exchange system further has means for, generating an open volume with a random/pseudo random size and/or at a random/pseudo random time based on the parameters associated with the order.

Description

    TECHNICAL FIELD
  • [0001]
    The present invention relates to an automated exchange system, and in particular to an automated exchange designed to execute orders having a hidden volume.
  • BACKGROUND OF THE INVENTION AND PRIOR ART
  • [0002]
    When trading shares and other financial instruments in an automated exchange, both buyers and seller of course want to get the best possible price. A seller of a particular financial instrument is interested in getting a high price, whereas a buyer is interested in getting a low price.
  • [0003]
    The price is determined by the market. Thus, the price is likely to go up if there are many seller and few buyers of a particular financial instrument at a particular price, and vice versa.
  • [0004]
    Sometimes a seller or buyer may want to sell/buy a large volume of a particular financial instrument. If the order having the large volume was to be placed in the market as one single order, there is a great likelihood that there would be a negative impact on the market. Thus, the price for that particular financial instrument change in a direction not wanted by the seller/buyer placing the order having the large volume. See also Schwartz et al: “Next-generation securities market systems: An experimental investigation of quote-driven and order-driven trading”, Journal of Management Information Systems, vol 14, no 2, pp 57-79, September 1997, ISSN 0742-1222.
  • [0005]
    In order to reduce the impact on the market it is common that the seller places his selling order in small bits or fractions. In this way only a fraction of the total volume of the order is displayed at each instant. The rest of the order is thus hidden from other investors and the order is usually referred to as an order having a “hidden volume”. When the whole first fraction has been traded a second fraction having the same volume as the first fraction is generated and displayed. This pattern is repeated until the entire volume of the order has been traded.
  • [0006]
    In an automated exchange system there are two main ways of placing orders having a hidden volume. A first way is to manually only enter a small fraction at the time of the order into the automated exchange and wait for that first fraction of the order to be traded before entering the next fraction. The second way is to provide functionality in the automated exchange system that enables trading with a hidden volume in an electronic market. In the second case the investor enters his order in a conventional way but at the same time he instructs the automated exchange system to handle the order as an order having a hidden volume and also specifies the fraction size. The automated exchange then only displays a fraction of the order at the time, and when the first fraction is traded, the exchange system automatically displays a second identical fraction of the order etc.
  • [0007]
    However, since this is a known way of trading an order having a large volume in an automated exchange other investors are aware of that orders having a hidden volume exist. Therefore, when investors observe the behavior of other investors they can quite easily spot an investor trading an order having a hidden volume, since a new order having the very same size is generated when the first order is traded, although they cannot know the total volume of the order.
  • [0008]
    The fact that others can detect an order having a hidden volume reduces the positive effect of trading an order with a hidden volume, and the market impact can become significant.
  • SUMMARY
  • [0009]
    It is an object of the present invention to provide an improved computerized trading system for trading orders having a hidden volume.
  • [0010]
    This objects and others are obtained by the present invention as set out in the appended claims.
  • [0011]
    Thus, in an automated exchange system having means for trading an order having a hidden volume, means are provided for receiving an order placed by an investor, the order having a number of parameters associated therewith. The automated exchange system further comprising means for, based on the parameters associated with the order, generating an open volume having a random/pseudo random size and/or at a random/pseudo random time.
  • [0012]
    By generating the open volume with a random/pseudo random size and/or at random/pseudo random times, when trading an order having a hidden volume the risk of others detecting that a large order having a hidden volume has been placed on the market can be significantly reduced. By reducing this risk, the market impact can be shown to be smaller and the investor, i.e. the seller/buyer, can therefore expect to obtain a better price. At the same time the amount of manual labor required for trading the order at a price acceptable for the investor is significantly reduced.
  • BRIEF DESCRIPTION OF THE DRAWINGS
  • [0013]
    The present invention will now be described in more detail by way of non-limiting examples and with reference to the accompanying drawings, in which:
  • [0014]
    [0014]FIG. 1 is a general view of an automated exchange system
  • [0015]
    [0015]FIG. 2 is a flow chart illustrating different steps performed in the automated exchange system when executing an order having a hidden volume
  • DESCRIPTION OF PREFERRED EMBODIMENTS
  • [0016]
    In FIG. 1, a general view of an automated exchange system is shown. The system comprises a number of remote terminals 10 all connected to a central computer 12 comprising a Central Processing Unit (CPU) 13 and a memory 14 associated therewith. The central computer 12 being loaded with suitable software, such as the SAXESS® software sold by OM Technology AB, Sweden, forms an automated exchange having all features and functionality of a conventional automated exchange. The remote terminals are designed to send data to and receive data from the central computer 12. The terminals 10 are designed to provide an interface for investors, such as broker firms etc., trading financial instruments at the automated exchange.
  • [0017]
    Moreover, the terminals 10 and the computer 12 are designed to exchange data as described below in conjunction with FIG. 2 when an order having a hidden volume is sent from a terminal 10 to the computer 12.
  • [0018]
    In FIG. 2, a flowchart illustrating different steps performed in the system shown in FIG. 1 when trading an order having a hidden volume. First, in a step 20, an order to trade a particular financial instrument, e.g. a share in a particular company is sent from one of the remote terminals 10 to the computer system 12 forming the automated exchange.
  • [0019]
    The order sent in step 20 comprises is associated with a number of parameters. One of the parameters indicate to the computer system 12 that the order is to be traded with a hidden volume, i.e. so that the entire order volume is not displayed at once but only a fraction thereof. In a preferred embodiment the order is also associated with a number of additional parameters indicating how the order having the hidden volume should be traded.
  • [0020]
    The order is received by the computer system 12, step 21. The computer system 12, by reading the parameters associated with the order, identifies the order, step 22. The computer system 12 then checks if the order is an order that should be traded with a hidden volume, step 23. If the order specifies trading without a hidden volume the order is treated in a conventional manner as indicated in step 24. If trading with a hidden volume is indicated, the computer 12 then displays a first fraction of the order, which usually is termed the open volume, step 25.
  • [0021]
    When the open volume has been traded at the automated exchange formed by the computer system 12, step 26, the computer system generates a new open volume, step 27. The new open volume is generated with a size and at a tine being randomized by the computer system 12.
  • [0022]
    The order can, as described above, be associated with additional parameters. In that case the additional parameters can be used to determine the range within which the size of the open volume, referred to as a fraction of the order, is generated and also the range of the time delay. For example, the user can set a minimum time delay and a maximum time delay.
  • [0023]
    In a preferred embodiment the user can, for example using a broker work station, not only select the range within which the fractions of the order are to be generated, but also the distribution of the randomly generated fractions. Also, the user can be given the option to set the distribution for the time delays and the range within which the time delays are generated. Suitable distribution functions can for example be a uniform distribution.
  • [0024]
    A new open volume is in this manner generated until the entire order has been traded, steps 28, 29 and 30.
  • [0025]
    Using the trading system as described herein will significantly reduce the amount of manual work required when trading a large order in an automated exchange system.

Claims (3)

1. An automated exchange comprising a data processor unit having a memory associated therewith, the exchange having means for receiving and trading an order received from an investor, the order having a specified total volume and a number of parameters identifying the order, the exchange further having means for only displaying a fraction of the total volume at the time, the exchange further comprising
a unit for randomly generating the size of said fraction of the total volume and/or the time when said fraction is generated.
2. An automated exchange according to claim 1, the exchange further comprising means for, in accordance with said number of parameters, set a distribution function used when generating said randomly generated fractions and/or times.
3. A broker work station for entering and transmitting orders to an automated exchange, the exchange comprising a data processor unit having a memory associated therewith, means for receiving and trading a received order, the order having a specified total volume and a number of parameters identifying the order, the exchange further having means for only displaying a fraction of the total volume at the time, and a unit for randomly generating the size of said fraction of the total volume and/or the time when said fraction is generated, the broker work station comprising means for setting a number of parameters defining a particular order, which order is transmitted to said automated exchange, one of the parameters identifying the order as an order to be traded with a hidden volume, the work station further comprising means for setting at least one additional parameter defining, when the order is set to be traded with a hidden volume, how the automated exchange should generate said fractions and times.
US09827314 2001-04-06 2001-04-06 Automated exchange system for trading orders having a hidden volume Active 2023-01-03 US6983260B2 (en)

Priority Applications (1)

Application Number Priority Date Filing Date Title
US09827314 US6983260B2 (en) 2001-04-06 2001-04-06 Automated exchange system for trading orders having a hidden volume

Applications Claiming Priority (1)

Application Number Priority Date Filing Date Title
US09827314 US6983260B2 (en) 2001-04-06 2001-04-06 Automated exchange system for trading orders having a hidden volume

Publications (2)

Publication Number Publication Date
US20030033235A1 true true US20030033235A1 (en) 2003-02-13
US6983260B2 US6983260B2 (en) 2006-01-03

Family

ID=25248897

Family Applications (1)

Application Number Title Priority Date Filing Date
US09827314 Active 2023-01-03 US6983260B2 (en) 2001-04-06 2001-04-06 Automated exchange system for trading orders having a hidden volume

Country Status (1)

Country Link
US (1) US6983260B2 (en)

Cited By (23)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20020178104A1 (en) * 2001-04-20 2002-11-28 Andrew Hausman Price change of orders from reserve in an electronic trading system
US20030200167A1 (en) * 2002-03-05 2003-10-23 Kemp Gary Allen System and method for performing automatic spread trading
US20030236737A1 (en) * 2002-06-19 2003-12-25 Kemp Gary Allan System and method for automated trading
US20040177024A1 (en) * 2003-03-03 2004-09-09 Tomas Bok Dynamic aggressive/passive pegged trading
US20040193526A1 (en) * 2003-03-31 2004-09-30 Singer Scott F. System and method for variably regulating order entry in an electronic trading system
US20050154668A1 (en) * 2002-03-05 2005-07-14 Trading Technologies International, Inc. System and method for estimating a spread value
US20050160030A1 (en) * 2003-10-10 2005-07-21 White James W. Relative pricing for proposals for trading of financial interests
US20060129473A1 (en) * 2004-12-10 2006-06-15 Peter Hansen Controlling an order slicer for trading a financial instrument
US20070100734A1 (en) * 2004-10-27 2007-05-03 Eric Berger System and method for trading financial instruments based on undisclosed values
US7426490B1 (en) 2002-10-31 2008-09-16 Trading Technologies International, Inc. System and method for automated order entry on short queues
US20090099952A1 (en) * 2007-10-12 2009-04-16 Lars Wahlberg Trading System for Handling an Order Matrix
US7653589B1 (en) * 2002-11-26 2010-01-26 Trading Technologies International Inc. System and method for randomizing orders in an electronic trading environment
US7672898B1 (en) 2006-07-07 2010-03-02 Trading Technologies International Inc. Regulating order entry in an electronic trading environment to maintain an actual cost for a trading strategy
US20100094772A1 (en) * 2008-10-14 2010-04-15 Thomas Pechy Peterffy Computerized method and system for scale trading
US7792734B1 (en) 2002-12-27 2010-09-07 Trading Technologies International, Inc. Method, apparatus and interface for transaction toggling
US20110055113A1 (en) * 2009-08-28 2011-03-03 Conor Cunningham Method and system for managing spread orders
US20110099124A1 (en) * 2009-10-26 2011-04-28 Trading Technologies International, Inc. Lean Level Support for Trading Strategies
US8732067B2 (en) 2012-03-09 2014-05-20 Trading Technologies International, Inc Slicer order quantity reduction tool
US8732065B1 (en) * 2010-07-27 2014-05-20 Finalta, Inc. Electronic trading system and method
US20150006349A1 (en) * 2013-06-28 2015-01-01 D. E. Shaw & Co., L.P. Electronic Trading Auction With Orders Interpreted Using Future Information
US20150006350A1 (en) * 2013-06-28 2015-01-01 D.E. Shaw & Co., L.P. Electronic Trading Auction with Randomized Acceptance Phase and Order Execution
US20150127518A1 (en) * 2013-11-07 2015-05-07 Cfph, Llc Trading based on fill rate
US9779454B2 (en) 2012-12-20 2017-10-03 Trading Technologies International, Inc. Speed adjustable and reversible tool for slicer orders

Families Citing this family (35)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US7702569B1 (en) * 2003-09-22 2010-04-20 Trading Technologies International, Inc. System and method for icon oriented representation of trading strategies
US7861185B1 (en) 2003-12-30 2010-12-28 Trading Technologies International, Inc. System and method for dynamically determining quantity for risk management
US20050171887A1 (en) * 2004-01-29 2005-08-04 Daley Thomas J. System and method for avoiding transaction costs associated with trading orders
US20050171890A1 (en) * 2004-01-29 2005-08-04 Daley Thomas J. System and method for matching trading orders
US8738498B2 (en) * 2004-01-29 2014-05-27 Bgc Partners, Inc. System and method for routing a trading order
US7574391B1 (en) * 2004-09-30 2009-08-11 Trading Technologies International Inc. System and method for improved order entry using market depth
WO2006121688A3 (en) * 2005-05-05 2007-11-01 Paul D Adcock Anti-internalization order modifier
US7873561B1 (en) 2005-05-05 2011-01-18 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center with maximum price exemption parameter
US7937315B2 (en) 2005-05-05 2011-05-03 Archipelago Holdings, Inc. Portfolio execution and reporting
US7908201B2 (en) * 2005-05-05 2011-03-15 Archipelago Holdings, Inc. Cross and post order
WO2006121796A3 (en) * 2005-05-05 2007-12-13 Paul D Adcock Tracking liquidity order
US7765137B1 (en) 2005-05-05 2010-07-27 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center
JP2008541238A (en) * 2005-05-05 2008-11-20 アーキペラゴ ホールディングス インコーポレイテッドArchipelago Holdings,Inc. Auction and transfer of orders that have not been marked with price
US7912775B1 (en) 2005-05-05 2011-03-22 Archipelago Holdings, Inc. Liquidity analysis system and method
WO2006121687A3 (en) * 2005-05-05 2007-11-22 Paul D Adcock Reprice-to-block order
WO2006121691A3 (en) * 2005-05-06 2007-11-22 Paul D Adcock Passive liquidity order
US7840477B2 (en) 2005-06-07 2010-11-23 Bgc Partners, Inc. System and method for routing a trading order based upon quantity
US7686392B2 (en) * 2005-08-02 2010-03-30 Shell Oil Company Vehicle seat cover
US8484122B2 (en) * 2005-08-04 2013-07-09 Bgc Partners, Inc. System and method for apportioning trading orders based on size of displayed quantities
US7644031B2 (en) * 2005-08-04 2010-01-05 Bgc Partners, Inc. System and method for replenishing quantities of trading orders
US8494951B2 (en) * 2005-08-05 2013-07-23 Bgc Partners, Inc. Matching of trading orders based on priority
WO2007038084A3 (en) 2005-09-23 2008-12-18 Archipelago Holdings Inc Directed order
US7979339B2 (en) * 2006-04-04 2011-07-12 Bgc Partners, Inc. System and method for optimizing execution of trading orders
US20090125431A1 (en) * 2006-07-28 2009-05-14 Peter Armstrong Displayed and dark equity options electronic order book with market maker participation
US7917418B2 (en) * 2006-12-04 2011-03-29 Archipelago Holdings, Inc. Efficient data dissemination for financial instruments
US20080177645A1 (en) * 2006-12-30 2008-07-24 David Weiss Methods and systems for managing and trading using a shared order book as internal exchange
US20080172318A1 (en) * 2007-01-16 2008-07-17 Peter Bartko System and Method for Managing Trading Orders in Aggregated Order Books
US20080172320A1 (en) * 2007-01-16 2008-07-17 Peter Bartko System and Method for Managing Display of Market Data in an Electronic Trading System
US20080172319A1 (en) * 2007-01-16 2008-07-17 Peter Bartko System and Method for Managing Discretion Trading Orders
US20080228621A1 (en) * 2007-03-16 2008-09-18 Johnson James C System And Method For Transfer Of Dispute Data In A Distributed Electronic Trading System
US7716122B2 (en) 2008-04-21 2010-05-11 Bgc Partners, Inc. Apparatus and methods for managing trading orders with decaying reserves
US7747498B2 (en) 2008-04-21 2010-06-29 Bgc Partners, Inc. Trading orders with decaying reserves
US8504458B1 (en) 2009-03-27 2013-08-06 Bank Of America Corporation Investment strategy system
US9652803B2 (en) * 2009-10-20 2017-05-16 Trading Technologies International, Inc. Virtualizing for user-defined algorithm electronic trading
US8566220B2 (en) 2011-01-26 2013-10-22 Trading Technologies International, Inc. Block placing tool for building a user-defined algorithm for electronic trading

Family Cites Families (11)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US3581072A (en) * 1968-03-28 1971-05-25 Frederick Nymeyer Auction market computation system
US4674044A (en) * 1985-01-30 1987-06-16 Merrill Lynch, Pierce, Fenner & Smith, Inc. Automated securities trading system
US5077665A (en) * 1989-05-25 1991-12-31 Reuters Limited Distributed matching system
US5136501A (en) * 1989-05-26 1992-08-04 Reuters Limited Anonymous matching system
US5101353A (en) * 1989-05-31 1992-03-31 Lattice Investments, Inc. Automated system for providing liquidity to securities markets
US6018722A (en) * 1994-04-18 2000-01-25 Aexpert Advisory, Inc. S.E.C. registered individual account investment advisor expert system
US5689652A (en) * 1995-04-27 1997-11-18 Optimark Technologies, Inc. Crossing network utilizing optimal mutual satisfaction density profile
RU2161819C2 (en) * 1995-04-27 2001-01-10 Оптимарк Технолоджис, Инк. Summary network density schedule for satisfying customersт orders
US5845266A (en) * 1995-12-12 1998-12-01 Optimark Technologies, Inc. Crossing network utilizing satisfaction density profile with price discovery features
US6016483A (en) * 1996-09-20 2000-01-18 Optimark Technologies, Inc. Method and apparatus for automated opening of options exchange
US6058379A (en) * 1997-07-11 2000-05-02 Auction Source, L.L.C. Real-time network exchange with seller specified exchange parameters and interactive seller participation

Cited By (67)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20020178104A1 (en) * 2001-04-20 2002-11-28 Andrew Hausman Price change of orders from reserve in an electronic trading system
US7822672B2 (en) 2001-04-20 2010-10-26 Bloomberg L.P. Price change of orders from reserve in an electronic trading system
US7389264B2 (en) 2002-03-05 2008-06-17 Trading Technologies, Inc. System and method for performing automatic spread trading
US8239314B2 (en) 2002-03-05 2012-08-07 Trading Technologies International, Inc. System and method for estimating a spread value
US8180692B2 (en) 2002-03-05 2012-05-15 Pablo, LLC. System and method for performing automatic spread trading
US20050154668A1 (en) * 2002-03-05 2005-07-14 Trading Technologies International, Inc. System and method for estimating a spread value
US20060259412A1 (en) * 2002-03-05 2006-11-16 Trading Technologies International, Inc. System and method for performing automatic spread trading
US7424450B2 (en) 2002-03-05 2008-09-09 Pablo Llc. System and method for performing automatic spread trading
US7437325B2 (en) 2002-03-05 2008-10-14 Pablo Llc System and method for performing automatic spread trading
US20060259406A1 (en) * 2002-03-05 2006-11-16 Trading Technologies International, Inc. System and method for performing automatic spread trading
US20030200167A1 (en) * 2002-03-05 2003-10-23 Kemp Gary Allen System and method for performing automatic spread trading
US20060259409A1 (en) * 2002-03-05 2006-11-16 Trading Technologies International, Inc. System and method for estimating a spread value
US7813995B2 (en) 2002-03-05 2010-10-12 Trading Technologies International, Inc. System and method for estimating a spread value
US8768806B2 (en) 2002-03-05 2014-07-01 Pablo, Llc System and method for performing automatic spread trading
US7542940B2 (en) 2002-03-05 2009-06-02 Trading Technologies International, Inc. System and method for estimating a spread value
US20090228400A1 (en) * 2002-03-05 2009-09-10 Trading Technologies International, Inc. System and Method for Estimating a Spread Value
US9805417B2 (en) 2002-06-19 2017-10-31 Trading Technologies International, Inc. System and method for automated trading
US20030236737A1 (en) * 2002-06-19 2003-12-25 Kemp Gary Allan System and method for automated trading
US20070100735A1 (en) * 2002-06-19 2007-05-03 Trading Technologies International, Inc. System and method for automated trading
US8751358B2 (en) 2002-10-31 2014-06-10 Trading Technologies International, Inc System and method for automated order entry on short queues
US7426490B1 (en) 2002-10-31 2008-09-16 Trading Technologies International, Inc. System and method for automated order entry on short queues
US7483855B1 (en) 2002-10-31 2009-01-27 Trading Technologies International, Inc. System and method for automated order entry on short queues
US8170950B1 (en) 2002-10-31 2012-05-01 Trading Technologies International, Inc. System and method for automated order entry on short queues
US7653589B1 (en) * 2002-11-26 2010-01-26 Trading Technologies International Inc. System and method for randomizing orders in an electronic trading environment
US8041622B1 (en) * 2002-11-26 2011-10-18 Trading Technologies International Inc. System and method for randomizing orders in an electronic trading environment
US7792734B1 (en) 2002-12-27 2010-09-07 Trading Technologies International, Inc. Method, apparatus and interface for transaction toggling
US7849001B2 (en) 2002-12-27 2010-12-07 Trading Technologies International, Inc. Method, apparatus and interface for transaction toggling
US20110040680A1 (en) * 2002-12-27 2011-02-17 Trading Technologies International, Inc. Method, apparatus and interface for transaction toggling
US7970696B2 (en) 2002-12-27 2011-06-28 Trading Technologies International, Inc. Method, apparatus and interface for transaction toggling
US8635145B2 (en) 2002-12-27 2014-01-21 Trading Technologies International, Inc Method, apparatus and interface for transaction toggling
US20100174637A1 (en) * 2003-03-03 2010-07-08 Itg Software Solutions, Inc. Dynamic Aggressive/Passive Pegged Trading
US20120191589A1 (en) * 2003-03-03 2012-07-26 Itg Software Solutions, Inc. Dynamic aggressive/passive pegged trading
US20040177024A1 (en) * 2003-03-03 2004-09-09 Tomas Bok Dynamic aggressive/passive pegged trading
US8108295B2 (en) * 2003-03-03 2012-01-31 Itg Software Solutions, Inc. Dynamic aggressive/passive pegged trading
US7680722B2 (en) * 2003-03-03 2010-03-16 Itg Software Solutions, Inc. Dynamic aggressive/passive pegged trading
US8706608B2 (en) * 2003-03-03 2014-04-22 Itg Software Solutions, Inc. Dynamic aggressive/passive pegged trading
US8543485B2 (en) 2003-03-31 2013-09-24 Trading Technologies International, Inc. System and method for variably regulating order entry in an electronic trading system
US7904370B2 (en) 2003-03-31 2011-03-08 Trading Technologies International, Inc. System and method for variably regulating order entry in an electronic trading system
US20060259414A1 (en) * 2003-03-31 2006-11-16 Trading Technologies International, Inc. System and method for variably regulating order entry in an electronic trading system
US20040193526A1 (en) * 2003-03-31 2004-09-30 Singer Scott F. System and method for variably regulating order entry in an electronic trading system
US20060265314A1 (en) * 2003-03-31 2006-11-23 Trading Technologies International, Inc. System and method for variably regulating order entry in an electronic trading system
US7392219B2 (en) 2003-03-31 2008-06-24 Trading Technologies International, Inc. System and method for variably regulating order entry in an electronic trading system
US20050160030A1 (en) * 2003-10-10 2005-07-21 White James W. Relative pricing for proposals for trading of financial interests
US20070100734A1 (en) * 2004-10-27 2007-05-03 Eric Berger System and method for trading financial instruments based on undisclosed values
US8788397B2 (en) 2004-10-27 2014-07-22 Bloomberg Finance L.P. System and method for trading financial instruments based on undisclosed values
US8099352B2 (en) 2004-10-27 2012-01-17 Bloomberg L.P. System and method for trading financial instruments based on undisclosed values
US8392319B2 (en) 2004-12-10 2013-03-05 Nyfix, Inc. Controlling an order slicer for trading a financial instrument
US8140423B2 (en) * 2004-12-10 2012-03-20 Nyfix, Inc. Controlling an order slicer for trading a financial instrument
US8290855B2 (en) 2004-12-10 2012-10-16 Nyfix, Inc. Controlling an order slicer for trading a financial instrument
US20060129473A1 (en) * 2004-12-10 2006-06-15 Peter Hansen Controlling an order slicer for trading a financial instrument
US7672898B1 (en) 2006-07-07 2010-03-02 Trading Technologies International Inc. Regulating order entry in an electronic trading environment to maintain an actual cost for a trading strategy
US9805418B2 (en) 2006-07-07 2017-10-31 Trading Technologies International, Inc. Regulating order entry in an electronic trading environment to maintain an actual cost for a trading strategy
US8533106B2 (en) 2006-07-07 2013-09-10 Trading Technologies International, Inc. Regulating order entry in an electronic trading environment to maintain an actual cost for a trading strategy
US7996300B2 (en) 2006-07-07 2011-08-09 Trading Technologies International Inc. Regulating order entry in an electronic trading environment to maintain an actual cost for a trading strategy
US20100121757A1 (en) * 2006-07-07 2010-05-13 Trading Technologies International Inc. Regulating Order Entry in an Electronic Trading Environment to Maintain an Actual Cost for a Trading Strategy
US8156037B2 (en) 2006-07-07 2012-04-10 Trading Technologies International Inc. Regulating order entry in an electronic trading environment to maintain an actual cost for a trading strategy
US20090099952A1 (en) * 2007-10-12 2009-04-16 Lars Wahlberg Trading System for Handling an Order Matrix
US20100094772A1 (en) * 2008-10-14 2010-04-15 Thomas Pechy Peterffy Computerized method and system for scale trading
US9830645B2 (en) 2008-10-14 2017-11-28 Interactive Brokers Llc Computerized method and system for scale trading
US20110055113A1 (en) * 2009-08-28 2011-03-03 Conor Cunningham Method and system for managing spread orders
US20110099124A1 (en) * 2009-10-26 2011-04-28 Trading Technologies International, Inc. Lean Level Support for Trading Strategies
US8732065B1 (en) * 2010-07-27 2014-05-20 Finalta, Inc. Electronic trading system and method
US8732067B2 (en) 2012-03-09 2014-05-20 Trading Technologies International, Inc Slicer order quantity reduction tool
US9779454B2 (en) 2012-12-20 2017-10-03 Trading Technologies International, Inc. Speed adjustable and reversible tool for slicer orders
US20150006350A1 (en) * 2013-06-28 2015-01-01 D.E. Shaw & Co., L.P. Electronic Trading Auction with Randomized Acceptance Phase and Order Execution
US20150006349A1 (en) * 2013-06-28 2015-01-01 D. E. Shaw & Co., L.P. Electronic Trading Auction With Orders Interpreted Using Future Information
US20150127518A1 (en) * 2013-11-07 2015-05-07 Cfph, Llc Trading based on fill rate

Also Published As

Publication number Publication date Type
US6983260B2 (en) 2006-01-03 grant

Similar Documents

Publication Publication Date Title
US7231363B1 (en) Method and system for rebrokering orders in a trading system
US7577602B2 (en) Method and interface for consolidating price levels on a trading screen
US6285989B1 (en) Universal on-line trading market design and deployment system
US20050240510A1 (en) Integrated order matching system combining visible and hidden parameters
US20020091611A1 (en) Interactive securities trading system
US20060031154A1 (en) System and method for managing trading using alert messages for outlying trading orders
US20040030630A1 (en) Trading system
US20060149659A1 (en) Hybrid trading system for concurrently trading through both electronic and open-outcry trading mechanisms
US20020029187A1 (en) Electronic marketplace
US6622131B1 (en) Method and system for auctioning loans through a computing system
US20040064397A1 (en) System and method for online trading using an electronic spreadsheet
Araújo Lima et al. Tests of the random walk hypothesis for equity markets: evidence from China, Hong Kong and Singapore
US20020052822A1 (en) Transaction supporting method and recording medium
US6795811B1 (en) Method for investing working capital
COLLIN‐DUFRESNE et al. Do prices reveal the presence of informed trading?
US7330834B1 (en) System and method for electronic trading of assets
US20070282733A1 (en) Systems and methods for conducting derivative trades electronically
US8027893B1 (en) News induced automated electronic securities transactions
US20090024512A1 (en) Order routing system and method incorporating dark pools
US20080154790A1 (en) Method And System For Generating And Trading Derivative Investment Instruments Based On A Volatility Arbitrage Benchmark Index
US20020116314A1 (en) Method of using a computerised trading system to process trades in financial instruments
US20060085319A1 (en) Methods and apparatus for routing options orders
US6134535A (en) Computerized stock exchange trading system automatically formatting orders from a spreadsheet to an order entry system
US20020026399A1 (en) Securities trading system and related method using security pools
US20080082439A1 (en) Systems and methods for enabling trading of currency

Legal Events

Date Code Title Description
AS Assignment

Owner name: OM TECHNOLOGY, SWEDEN

Free format text: ASSIGNMENT OF ASSIGNORS INTEREST;ASSIGNOR:HUMMELGREN, HENRIK;REEL/FRAME:011882/0605

Effective date: 20010517

AS Assignment

Owner name: OMX TECHNOLOGY AB, SWEDEN

Free format text: CHANGE OF NAME;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:015943/0842

Effective date: 20040913

Owner name: OMX TECHNOLOGY AB,SWEDEN

Free format text: CHANGE OF NAME;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:015943/0842

Effective date: 20040913

AS Assignment

Owner name: OMX TECHNOLOGY AB, SWEDEN

Free format text: RE-RECORDED TO REMOVE APPLICATION 09/827,810 AND TO CORRECT THE WRONG APPLICATION NUMBER 09/095,773 IN THE SCHEDULE ON A CHANGE OF NAME DOCUMENT PREVIOUSLY RECORDED AT REEL 015943 FRAME 0842.;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:016313/0528

Effective date: 20040913

Owner name: OMX TECHNOLOGY AB, SWEDEN

Free format text: RE-RECORDED TO REMOVE APPLICATION 09/827,810 AND TO CORRECT THE WRONG APPLICATION NUMBER 09/095,773 IN THE SCHEDULE ON A CHANGE OF NAME DOCUMENT PREVIOUSLY AT REEL 015943 FRAME 0842.;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:016313/0659

Effective date: 20040913

Owner name: OMX TECHNOLOGY AB,SWEDEN

Free format text: RE-RECORDED TO REMOVE APPLICATION 09/827,810 AND TO CORRECT THE WRONG APPLICATION NUMBER 09/095,773 IN THE SCHEDULE ON A CHANGE OF NAME DOCUMENT PREVIOUSLY RECORDED AT REEL 015943 FRAME 0842;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:016313/0528

Effective date: 20040913

Owner name: OMX TECHNOLOGY AB,SWEDEN

Free format text: RE-RECORDED TO REMOVE APPLICATION 09/827,810 AND TO CORRECT THE WRONG APPLICATION NUMBER 09/095,773 IN THE SCHEDULE ON A CHANGE OF NAME DOCUMENT PREVIOUSLY AT REEL 015943 FRAME 0842;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:016313/0659

Effective date: 20040913

Owner name: OMX TECHNOLOGY AB, SWEDEN

Free format text: RE-RECORDED TO REMOVE APPLICATION 09/827,810 AND TO CORRECT THE WRONG APPLICATION NUMBER 09/095,773 IN THE SCHEDULE ON A CHANGE OF NAME DOCUMENT PREVIOUSLY RECORDED AT REEL 015943 FRAME 0842;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:016313/0528

Effective date: 20040913

Owner name: OMX TECHNOLOGY AB, SWEDEN

Free format text: RE-RECORDED TO REMOVE APPLICATION 09/827,810 AND TO CORRECT THE WRONG APPLICATION NUMBER 09/095,773 IN THE SCHEDULE ON A CHANGE OF NAME DOCUMENT PREVIOUSLY AT REEL 015943 FRAME 0842;ASSIGNOR:OM TECHNOLOGY AB;REEL/FRAME:016313/0659

Effective date: 20040913

FPAY Fee payment

Year of fee payment: 4

FPAY Fee payment

Year of fee payment: 8

AS Assignment

Owner name: NASDAQ TECHNOLOGY AB, SWEDEN

Free format text: CHANGE OF NAME;ASSIGNOR:OMX TECHNOLOGY AB;REEL/FRAME:037446/0160

Effective date: 20151201

FPAY Fee payment

Year of fee payment: 12